442

LAWS OF MARYLAND

[Ch. 49

whatever nature," presently contained in the
introductory language to §62 (a), is deleted as
unnecessary in light of §12—411.

The only other changes are in style.

12-406. RESTRICTIONS ON PAYMENT OF COMMISSIONS, FINDER'S
FEES, AND POINTS.

(A) LIMITATIONS ON PAYMENT OF COMMISSION, FINDER'S
FEE, OR POINT.

EXCEPT AS PERMITTED BY §12-405(A), ANY COMMISSION,
FINDER'S FEE, OR POINT SHALL BE PAID BY THE LENDER, AND
MAY BE PAID ONLY TO:

(1)   A LICENSED REAL ESTATE BROKER;

(2)    A LAWYER LICENSED TO PRACTICE LAN IN THE

STATE; OR

(3) A LICENSEE.

(B) AGREEMENT FOR COMMISSION, FINDER'S FEE, OR
POINT UNENFORCEABLE IF NOT IN WRITING.

AN AGREEMENT TO PAY A COMMISSION, FINDER'S FEE, OR
POINT MAY NOT BE ENFORCED UNLESS IT IS IN WRITING AND
SIGNED BY THE LENDER.

REVISOR'S NOTE: This section presently appears as
Art. 66, §62(b).

In subsection (a) of this section, a
cross—reference to the loan origination fee
permitted by §12—405(a) is added for clarity.

In subsection (b) of this section, the word
"lender" is substituted for "licensee" to
conform the usage to that found elsewhere in
present §62(b) of this subtitle.

The only other changes are in style.

12-407. DUTIES OF LENDER.

(A) DEFINITION.

IN THIS SECTION "COST OF THE LOAN" MEANS THE TOTAL
AMOUNT OF:

(1)        AS NEARLY AS THE SAME CAN BE DETERMINED,

THE CHARGES PAYABLE BY THE BORROWER FOR THE LOAN UNDER §§
12-405(A) AND (B) AND 12-410; AND